FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer: Rydex Series Trust
6116 Executive Boulevard
Suite 400
Rockville, Maryland 20852
2. Name of each series or class of funds for which this
notice is filed:
Rydex Nova Fund, Rydex Ursa Fund, Rydex U.S.
Government Money Market Fund, Rydex Over-the-
Counter Fund, Rydex Precious Metals Fund, Rydex
U.S. Government Bond Fund, Rydex Juno Fund,
High Yield Fund, Institutional Money Market
Fund
3. Investment Company Act File Number: 811-7584
Securities Act File Number: 33-59692
4. Last day of fiscal year for which this notice is filed:
March 31, 1997
5. Check box if this notice is being filed more than 180
days after the close of the issuer s fiscal year for
purposes of reporting securities sold after the close of
the fiscal year but before termination of the issuer s
24f-2 declaration:
6. Date of termination of issuer s declaration under rule
24f-2(a)(1), if applicable:
n/a
7. Number and amount of securities of the same class or
series which had been registered under the Securities Act
of 1933 other than pursuant to rule 24f-2 in a prior
fiscal year, but which remained unsold at the beginning
of the fiscal year:
n/a
8. Number and amount of securities registered during the
fiscal year other than pursuant to rule 24f-2:
n/a
9. Number and aggregate sale price of securities sold during
the fiscal year:
5,871,211,102 shares $14,513,646,552<PAGE>
10. Number and aggregate sale price of securities sold during
the fiscal year in reliance upon registration pursuant to
rule 24f-2:
5,871,211,102 shares $14,513,646,552
11. Number and aggregate sale price of securities issued
during the fiscal year in connection with dividend
reinvestment plans, if applicable:
7,335,306 shares $13,968,081
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year in reliance on rule 24f-2 (from Item 10)
$14,513,646,552
(ii) Aggregate price of shares issued in connection with
dividend reinvestment plans (from Item 11, if
applicable)
+ 13,968,081
(iii) Aggregate price of shares redeemed or
repurchased during the fiscal year(if
applicable)
- 13,943,611,228
(iv) Aggregate price of shares redeemed or repurchased
and previously applied as a reduction to filing fees
pursuant to rule 24e-2 (if applicable)
+ 0
(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on rule 24f-2
[line (i), plus line (ii), less line (iii), plus
line (iv)](if applicable)
584,003,405
(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable law or
regulation
x1/3300
(vii) Fee due [line (i) or line (v) multiplied by
line (vi)]:
$176,970.73
13. Check box if fees are being remitted to the Commission s
lockbox depository as described in section 3a of the
Commission s Rules of Informal and Other Procedures
[X]<PAGE>
Date of mailing or wire transfer of filing fees to the
Commission s lockbox depository:
May 29, 1997 by Wire Transfer
SIGNATURES
This report has been signed by the following persons on behalf
of the issuer and in the capacities and on the dates
indicated.
By (Signature and Title) /s/Albert P. Viragh
Albert P. Viragh, President
Date: 05/29/97<PAGE>
JORDEN BURT BERENSON & JOHNSON LLP
Suite 400 East
1025 Thomas Jefferson Street, N.W.
Washington, D.C. 20007
May 30, 1997
Rydex Series Trust
6116 Executive Boulevard
Suite 400
Rockville, Maryland 20852
Re: Rydex Series Trust
Registration No. 33-59692
Rule 24f-2 Notice
Ladies and Gentlemen:
This opinion is furnished in connection with Rule 24f-2
under the Investment Company Act of 1940, as amended (the
"1940 Act"). We understand that, pursuant to Rule 24f-2,
Rydex Series Trust (the "Trust"), has registered an indefinite
number of shares of beneficial interest, no par value per
share, of the Trust (the "Shares") under the Securities Act of
1933, as amended. We further understand that, pursuant to the
provisions of Rule 24f-2, the Trust is filing with the
Securities and Exchange Commission the Notice attached hereto
making definite the registration of the Shares sold in
reliance upon Rule 24f-2 during the fiscal year ended March
31, 1997.
In connection with rendering this opinion, we have
examined such documents, records, and matters of law as we
have deemed necessary and appropriate for purposes of this
opinion. We have assumed that all such examined documents are
in full force and effect and have not been rescinded or
modified. We have assumed the genuineness of all signatures
and the authenticity of all documents submitted to us as
originals and the conformity to original documents of all
documents submitted to us as certified or photostatic copies.
W e have assumed, without independent investigation or
v e rification, the accuracy of all facts set forth in
certificates executed by public officials and authorized
representatives of the Trust and the accuracy of all facts set
forth in oral or written statements made to us.
We have assumed the validity of all corporate actions
represented to us as having been taken. We have also assumed
substantial compliance by the Trust and its representatives
with all applicable legal requirements to the extent necessary
to validate the actions taken or intended to be taken in<PAGE>
Rydex Series Trust
May 30, 1997
Page 2
connection with the authorization, issuance, classification,
designation, and other corporate actions with respect to the
Shares described below. This opinion is issued as of the date
hereof and is necessarily limited by laws now in effect and
facts and circumstances presently brought to our attention and
is subject to any change in law or facts reported or occurring
subsequent to the date hereof.
Based upon and subject to the foregoing, we are of the
opinion that the Shares, which are the subject of the Notice
filed with the Securities and Exchange Commission today, were
legally issued, fully paid, and nonassessable.
We consent to the filing of this opinion with the Notice.
This opinion is rendered solely in connection with the Trust's
Rule 24f-2 Notice, dated May 30, 1997, and may not be relied
upon for any other purpose without our written consent first
had and obtained.
Very truly yours,
/s/JORDEN BURT BERENSON & JOHNSON
LLP
JORDEN BURT BERENSON & JOHNSON LLP<PAGE>
